What Happened To Bradesco After Luiz Carlos Trabuco Took The Helm
What is found below is a translation from an article in Revista Crescer. It is simply an excerpt because the entire article has to do with what was going in in Brazilian finance before and after Luiz Carlos Trabuco took over as CEO of Bradesco, which was formerly the largest bank in Brazil until a merger knocked the bank into second place. The beginning of the article discussed the competition involved in picking the new bank president. It especially highlights the split of the bank in terms of support for younger candidates versus very old ones. Additionally, it sheds light on how Bradesco and even the Bank of Brazil was feeling pressure from the new number one. The whole article is massive and can be read completely by clicking here.
Describing the New President of Bradesco, Luiz Carlos Trabuco
Owner of a fine humor, soft talk and a broad smile, Luiz Carlos Trabuco does not meet the typical profile of his colleagues in banking. Married with three children, he is a simple and calm subject. As Bradesco’s book recommends, he does not cultivate extravagant habits. Unlike the majority of the bank executives who typically graduate from majors in either administration, economics, accounting, engineering or some combination, Luiz Carlos Trabuco graduated in philosophy at the University of São Paulo, and he did postgraduate studies in sociopsychology at the School of Sociology and Politics of São Paulo.
The Early Background of Luiz Carlos Trabuco at Bradesco
He started working at Bradesco in 1969, as a clerk at Marília’s agency, where he was born and where Amador Aguiar opened the bank’s first branch office in 1943. Two years later, he moved to São Paulo to work at the headquarters, and he did not stop learning, growing and moving up in the bank. In 1984, he became director of marketing. He earned the title of executive vice-president in 1999, and in 2003, he became the president of the insurance company, a position he has held until today. Since the insurer’s headquarters are in Rio de Janeiro, Trabuco lived on the air bridge. He was also a member of the bank’s board of directors, which he returned to as chief executive from 1999 to 2005.
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In the mid 1980s, when he was at the helm of the marketing board, Luiz Carlos Trabuco was one of those responsible for modernizing the bank’s publicity, and for opening to the media. Until then, Bradesco was averse to reporters. His work as the group’s insurer through 2003 gave the final stamp for his rise to the bank’s presidency. While serving as the head of management for insuring, Luiz Carlos Trabuco doubled the insurance area in size, consolidated its leadership in the country with a 25% share of the market, became the largest in the sector in Latin America and increased its share in the group’s net income to 35%. This is 10 percentage points more than when Luiz Carlos Trabuco took over in 2003.
Contrary to what Amador Aguiar said, which preached equal attention to all customers, Luiz Carlos Trabuco was one of the biggest proponents of segmentation. Luiz Carlos Trabuco saw the strategy implemented successfully by its main competitors. Today, Bradesco has a special check and there is even a service with differentiated agencies to serve high-income clients called Bradesco Prime. Of course, Luiz Carlos Trabuco has done much more to take Bradesco into the future. In Brazil right now, there is dispute over whether or not he has gotten Bradesco’s title of largest bank in the country back thanks to smart moves and concentrating on offering the best customer service to the banks many municipalities, as well as other mergers and investments. Luiz Carlos Trabuco took over during a trying time, but he has more than proven his worth.